Cameco Reports Third Quarter Results: Year-to-Date Performance as Expected; Nuclear Industry Fundamentals Continue to Strengthen; Disciplined Strategy and Integrated Nuclear Exposure Support Long-term Value Creation; Annual Dividend Declared

Tim Gitzel, CEO of Cameco

“We continue to be guided by our disciplined strategy and the strength of our diversified nuclear energy platform. Results for the quarter and the first nine months of 2026 were lower than the comparable period last year, largely due to a few significant items that affected year-over-year comparisons. We planned a longer maintenance outage at the Key Lake mill this year to undertake projects that are intended to ensure flexibility and sustainable operations, and as we expected, that outage, which began during the third quarter, resulted in lower production volume and higher costs this quarter. Last year, Westinghouse also received a significant payment related to the Dukovany nuclear project in the Czech Republic, so our equity earnings from our investment in Westinghouse for the first nine months of 2026 were lower. As with nearly every industry, we also continue to experience inflationary pressure, while broader market volatility is affecting sentiment. However, it is important to distinguish between changes in market sentiment and changes in underlying fundamentals. In our view, the fundamentals supporting nuclear energy remain stronger than ever. The reactors operating around the world today continue to require fuel; we believe fuel-cycle capacity remains constrained in many parts of the western market, and utilities continue to evaluate their long-term fuel requirements in an increasingly uncertain geopolitical environment. Importantly, our ownership interest in Westinghouse extends our participation across the nuclear value chain, providing exposure to reactor services, operating reactors and future deployment opportunities. We are encouraged by the increasing level of engagement we are seeing with customers as utilities continue to assess security of supply, fuel availability and future procurement needs. As we have consistently said, contracting activity is rarely linear and market conditions can influence the pace of utility decision-making, but customer requirements do not disappear. We believe our contract portfolio continues to provide valuable insight into future demand and remains central to how we evaluate opportunities and inform supply and investment decisions across our business. At Cameco, our strategy is built on discipline. We pursue disciplined contracting that supports long-term value creation, we use those commitments to inform our supply decisions, and we maintain disciplined financial management when allocating capital. We will not advance production, commit capital or pursue growth simply in response to headlines, short-term price movements or market enthusiasm surrounding any single theme. Instead, we remain focused on risk-adjusted returns, customer commitments and creating sustainable value for our owners over the long term. While growing electricity demand associated with artificial intelligence, data centres and the broader technology sector may provide additional upside for nuclear energy, it is important to recognize that our investment thesis does not depend on any single demand driver. The existing reactor fleet, life extensions, restarts, committed new-build activity, energy-security priorities and the need to replace declining supply continue to underpin our long-term outlook today. We believe our combination of proven assets, long-term customer relationships, supply flexibility and integrated exposure across the nuclear value chain provides a resilient foundation through periods of market volatility, and the potential for meaningful upside as nuclear growth continues to unfold. Stronger fundamentals reinforce our confidence in the market and underscore the importance of disciplined execution.”